If you needed access to emergency cash today, would you be able to apply for a short term loan?
You might think that you could easily qualify for a personal loan, however credit providers need to evaluate your credit health before they can make a decision in regards to your credit worthiness.
Credit bureaus have access to your full credit record which is essentially a full record of your financial history and credit behaviour. Without you even realising it, you build up a credit record every time you open an account, apply for a credit card, get a loan or sign a lease agreement. And every payment you make – or miss – is added to your credit history.
Your credit report is not a secret. You can get a free report once a year. Given how big a role your credit report plays when you apply for credit, as well as the risk of identity theft and fraud, it is a good idea to do so. You should always know what your credit report says about you so that you can identify and rectify any errors proactively, rather than when you are in a tight spot and need a loan urgently.
Your financial wellbeing and creditworthiness depends on your ability to work smartly with your money. Your credit health report will give you a good indication of how well you are managing your debt.
Should you wish to discuss the various debt management and credit options available to you, who will guide you through the process of applying for a personal loan responsibly.Go back